Global Waxy Crude Oil and Condensate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Waxy Crude Oil and Condensate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Waxy crude oil can be defined as the crude oil that contains high amount of long-chain paraffin wax (alkanes) components. Condensate refers to the liquid components condensed from the natural gas in the condensate gas field. Waxy Condensate is the condensate that contains long-chain paraffin wax (alkanes) components.

Market Overview:

The latest research study on the global Waxy Crude Oil and Condensate market finds that the global Waxy Crude Oil and Condensate market reached a value of USD 574786.25 million in 2022. It’s expected that the market will achieve USD 611598.48 million by 2028, exhibiting a CAGR of 1.04% during the forecast period.

High oil prices around the world

Waxy Crude Oil can be used to produce gasoline, jet fuel (or kerosene), propane, petroleum coke, bitumen, plastics, waxes and so on.

Global oil demand was significantly better than expected. Since the beginning of 2022, as most of the symptoms caused by the Omicron strain are mild, and the total number of global vaccinations has exceeded 10 billion doses, many countries in Europe and the United States have successively lifted blockade measures, and oil demand has rebounded. Oil demand in the United States, Europe, Japan, India, South Korea, Singapore and other places has basically returned to pre-epidemic levels.

Global geopolitical turmoil intensifies. In 2022, many oil-producing countries will usher in an election year, with frequent supply disruptions. At the beginning of the year, Libya, Nigeria, Ecuador, Turkey and other countries experienced sudden supply interruptions one after another, which tightened the market supply. Since the beginning of the year, the situation in Russia and Ukraine has affected the market nerves, the two sides have continued to intensify war warnings, and geopolitical tensions have continued to bring a risk premium to oil prices.

Under the influence of factors such as the weakening of the Omicron strain, better-than-expected global oil demand, weak supply growth, and intensified geopolitical turmoil in Russia and Ukraine, international oil prices have shown a strong upward trend. At present, the international oil price is still at a high level in the market. Waxy Crude Oil can be used to produce gasoline, diesel and other oil products. High oil prices are conducive to the development of the Waxy Crude Oil market.

Shipping issues for waxy crude oil and condensate products

Waxy crude oil leads to high transport costs since it requires specialised means, for example the heated pipeline in Sudan that caters for their waxy crude. Heated pipelines, as the name suggests, need to be maintained at a certain temperature that ensures that the crude oil stays above its pour point, thus retaining its rheological properties throughout its length. A drop in temperature would lead to wax formation and consequently, blockage. Also, the pipeline needs to ensure a large pressure drop at all times. These high temperatures coupled with increased pressure drop lead to the use of more energy, which indirectly leads to more environmental harm. It goes without saying that the use of heated pipelines in the transportation of waxy crude is not a hundred percent effective as failures of pumps and heating systems would lead to wax formation. Therefore, the transportation issue will negatively affect the waxy crude oil and condensate market.

Environmental issues and the development of the new energy industry

In response to the challenges of energy shortage, environmental pollution, and climate warming, and in response to the proposal to achieve zero emissions in the Paris Agreement, many countries around the world have introduced policies to encourage new energy and limit fossil energy. Among them, the new energy vehicle industry is the direction of energy transformation that countries pay more attention to and develop faster. Major countries and regions such as China, the United States, Japan, and EU member states have successively introduced various support policies, such as tax relief, financial subsidies, and regulations on carbon emission standards, to promote the technological upgrading and market promotion of new energy vehicles. At the same time, some countries also announced the ban on the sale of fuel vehicles to promote the development of new energy vehicles. This will limit the market demand for waxy crude oil and condensate products in the automotive fuel sector.
In addition, problems such as environmental pollution and high cost during the extraction and transportation of waxy crude oil and condensate products will also limit the development of the waxy crude oil and condensate market.

Region Overview:

From 2022-2027, Middle East and Africa is estimated to witness robust growth prospects.

Company Overview:

Saudi Aramco is one of the major players operating in the Waxy Crude Oil and Condensate market, holding a share of 15.6% in 2022.

Saudi Aramco

Saudi Aramco is the world’s largest integrated oil and gas company. The company operates in the following business segments: E&P, Oil Refining & Marketing.

PetroChina

PetroChina is one of the major oil and gas producers and sellers in China. It engages in various activities involving oil, gas and new energy, including: Exploration, development, production and sales of crude oil and natural gas.

Segmentation Overview:

By type, Waxy Crude Oil segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Offline segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Waxy Crude Oil and Condensate market covered in Chapter 3:

TotalEnergies
ExxonMobil
ConocoPhillips
Shell
Chevron
Saudi Aramco
PetroChina
Pemex
Kuwait Petroleum
BP
Gazprom

In Chapter 4 and Chapter 14.2, on the basis of types, the Waxy Crude Oil and Condensate market from 2018 to 2029 is primarily split into:

Waxy Crude Oil
Waxy Condensate

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Waxy Crude Oil and Condensate market from 2018 to 2029 covers:

Online
Offline

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)